Boric Acid Market to grow at a CAGR of 5.9% during 2024-2028
The Boric Acid Market is expected to grow at a CAGR of 5.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 262.8 million. The global boric acid market is poised for growth due to the increasing demand for borosilicate glass in solar thermal heating applications. In both domestic and industrial solar systems, borosilicate glass tubes serve as solar collectors, capturing solar energy to transfer heat. The renewable energy sector's expansion, driven by declining solar technology costs and the anticipated carbon-constrained future, is fueling this trend. Energy corporations and utilities, as well as governments worldwide, are actively investing in solar projects to meet growing energy demands and reduce carbon emissions.
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Technavio analysts predict that the Glass and ceramics subsegment will lead the Application segment during 2024 and 2028 Boric acid is a crucial inorganic compound in various industries, particularly in the production of pharmaceuticals, agriculture, and as a preservative in food and beverages. The global boric acid market is experiencing significant growth, driven by increasing demand from these sectors. Key applications include the manufacture of borax, an essential ingredient in detergents, and as a fungicide and insecticide. Boric acid's versatility and effectiveness make it an indispensable component in numerous industries. Market expansion is further fueled by its usage in flame retardants, catalysts, and boron neutron capture therapy.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increase in demand from developing countries
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The Boric Acid market is driven by its diverse applications in various industries, including Borosilicate glass production, construction, electronics, automotive, textiles, agriculture, and pharmaceuticals. Boric acid's versatile properties make it an essential chemical compound in numerous applications. In the glass industry, Boric Acid is used as a fluxing agent during the manufacturing process of Borosilicate glass. In construction, it serves as a valuable ingredient in flame retardants and insecticides. The textile industry utilizes Boric Acid in the production of fiberglass, while the automotive industry employs it as an antiseptic and a component in certain types of antifreeze. Environmental and health concerns have led to regulations limiting the use of Boric Acid in certain applications. However, the development of biodegradable products and sustainable practices has opened new opportunities for its use as a micronutrient fertilizer, soil amendment, and in the production of hydrogen borate. Boric Acid's applications extend to the electronics industry, where it is used as a fluxing agent in semiconductor manufacturing, and in the pharmaceutical industry, where it is used in the production of eye drops, ointments, and other medical products. In agriculture, Boric Acid is used as a pesticide, a fungicide, and a growth promoter. Its use as an insecticide and a flame retardant in construction applications continues to grow, driven by the increasing demand for sustainable and eco-friendly building materials. Overall, the Boric Acid market is expected to grow in the coming years due to the increasing demand for its applications in various industries and the development of new, sustainable uses for this versatile chemical compound.
The global specialty chemicals industry encompasses businesses specializing in high-value-add chemicals utilized in the production of a diverse range of products, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers focusing on high-value-added chemicals. Key growth drivers for the specialty chemicals market include the increasing preference for specialty adhesives and sealants, driven by the expanding demand for these products across various industries.
The Boric Acid Market is experiencing significant growth, fueled by the increase in demand from developing countries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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